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Latin America
Soybean Complex Market Recap
Wed 23 Jan 2013 14:32:05 CT
Related Keywords: Agriculture
Related Keywords: Agriculture
January Soybeans finished down 14 3/4 at 1437, 21 off the high and 5 up from the low. November Soybeans closed down 9 1/2 at 1303. This was 3 up from the low and 15 1/4 off the high.
January Soymeal closed down 5.1 at 416.5. This was 2.3 up from the low and 7.5 off the high.
January Soybean Oil finished down 0.4 at 52.03, 0.58 off the high and 0.1 up from the low.
March soybeans traded slightly lower early in the session but heavier liquidation late in the day resulted in double digit losses. Weather concerns in South America have been at the forefront of the market this week which has resulted in risk premium being put back into prices. A slightly better chance for rainfall in areas of Argentina helped to trigger some profit taking but confidence is mixed on the outlook. Dry conditions in southern Brazil continue to be monitored but most analysts still project an 82-85 million tonne crop. Rainfall in the central west growing region of Brazil has delayed harvest this week which is raising concern that vessel shipments may be delayed for early soybean cargo sales. Strong US crush rates and an explosive export sales pace continue to add a bullish tilt in the short term but the outlook for healthy production in South America and a shift in demand to the Southern Hemisphere soon could lead prices lower long term.
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*Disclaimer: The information in the Market Commentaries was obtained from sources believed to be reliable, but we do not guarantee its accuracy. Neither the information nor any opinion expressed therein constitutes a solicitation of the purchase or sale of any futures or options contracts.
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